本文關(guān)鍵詞：機(jī)構(gòu)投資者異質(zhì)性對(duì)上市公司融資約束的影響　出處：《西南交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 融資約束 機(jī)構(gòu)投資者異質(zhì)性 現(xiàn)金-現(xiàn)金流敏感性

【摘要】：在不完全市場中,融資約束是上市公司普遍面臨的難題,而信息不對(duì)稱與代理成本是導(dǎo)致公司融資約束的兩個(gè)重要原因,信息不對(duì)稱和代理成本會(huì)增加企業(yè)的外部融資成本,從而引起企業(yè)融資約束問題。有研究表明,機(jī)構(gòu)投資者持股能夠有效緩解上市公司融資約束,本文根據(jù)機(jī)構(gòu)投資者是否與被投資方存在商業(yè)關(guān)系為標(biāo)準(zhǔn),將機(jī)構(gòu)投資者劃分為“壓力敏感型”機(jī)構(gòu)投資者和“壓力抑制型”機(jī)構(gòu)投資者,探索機(jī)構(gòu)投資者異質(zhì)性對(duì)融資約束的影響,同時(shí)也探討了機(jī)構(gòu)投資者對(duì)不同股權(quán)性質(zhì)上市公司資約束的影響。 本文在綜述國內(nèi)外有關(guān)機(jī)構(gòu)投資者與融資約束的文獻(xiàn)基礎(chǔ)上,選取滬深交易所2010-2012的樣本上市公司,采用Almeida的現(xiàn)金-現(xiàn)金流模型來衡量融資約束,針對(duì)壓力敏感型和抑制型機(jī)構(gòu)投資者進(jìn)行了實(shí)證研究,結(jié)果表明,機(jī)構(gòu)投資者可以減輕民營企業(yè)的融資約束水平,但在國有企業(yè)中表現(xiàn)不顯著；壓力抑制型機(jī)構(gòu)投資者可以緩解融資約束,而壓力敏感型機(jī)構(gòu)投資者表現(xiàn)不顯著。
[Abstract]:In the incomplete market , financing restriction is a difficult problem commonly faced by listed companies , and information asymmetry and agency cost are two important causes of corporate financing constraints . The research shows that institutional investors can effectively mitigate the financing constraints of listed companies . The research shows that institutional investors can effectively mitigate the financing constraints of listed companies . On the basis of summarizing the literatures about institutional investors and financing constraints at home and abroad , the paper selects the sample listed companies of Shanghai and Shenzhen Stock Exchange 2010 - 2012 to measure the financing constraints by using the cash - cash flow model of Almeida . The results show that institutional investors can reduce the financing constraint level of the private enterprises , but do not show significant performance in the state - owned enterprises ; and the investors of the pressure - sensitive institutional investors can mitigate the financing constraints , and the investors of the pressure - sensitive institutional investors are not significant .

【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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相關(guān)期刊論文 前10條

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本文編號(hào)：1379402